FIRST LIGHT HEADINGS
LN Mittal may acquire indirect stake in Petron Engineering
Uflex’s net profit zooms 275% for Q4
State Bank of Mysore’s Q4 net profit jumps 33%
Rohit Ferro-Tech to increase its authorized share capital
Alok Industries postpone merger of Grabal Alok Impex with itself
Titan Industries reports 71.95% jump in its FY11 net profit
SAIL reports 27.71% fall in its Q4 net profit
MARKET INSIGHT
On Friday 29April 2011,Local Bourses prolonged their losses for the fifth straight session lacking support at higher levels, thereby snapping the week with loss of over 2%. Persistent selling pressure in view of sustained capital outflows by foreign institutional investors coupled with selling across the global equities led to the damage at Dalal Street. The 50 scrip index'Nifty --on National Stock Exchange plunged in trade thereby marking sluggish start for the new F&O expiry series on Friday as investors braced for a hawkish statement from the Reserve Bank when it releases its policy on Tuesday. Financials led the decline with the market expecting the Reserve Bank of India (RBI) to raise key short-term rates by at least 25 basis points to rein in high inflation. Weak economic data from US also clouded early deals at Dalal Street, as rising at a slower-than-expected pace, US real GDP grew 1.8 percent in the first quarter. Weather disruptions, higher food and energy prices and a sizeable decline in government outlays weighed on economic growth. Moreover, investigation into various corruption charges and political uncertainty also contributed to the day's decline.
The BSE Sensex declined by 142.75 points or 0.74% and settled at 19,149.27.The index touched a high and a low of 19,356.50 and 19,015.05 respectively. 10 stocks advanced against 20 declining one's on the index. The BSE Mid-cap and Small-cap indices were down by 0.97% and 1.61% respectively. On the BSE Sectoral front, FMCG up 1.19%, Health Care up 0.60% and Oil & Gas up 0.20% were the only gainers. On the flip side Capital Goods down 2.72%, Realty down 2.56%, Bankex down 1.76%, Metal down 1.17% and Consumer Durables down 1.15% were the top losers.
India VIX, a gauge for market's short term expectation of volatility lost 6.40% at 19.58 from its previous close of 20.92 on Thursday. The S&P CNX Nifty lost 34.50 points or 0.60% to settle at 5,750.95. The index touched high and low of 5,804.30 and 5,706.05, respectively. 24 stocks advanced against 26 declining ones on the index. (Provisional)
Most of the Asian equity indices finished the trade in the negative terrain on the last trading day of the week as weak economic data from the United States for the first quarter weighed down investors' sentiments. South Korean benchmark - Seoul Composite - finished the day's trade with a cut of more than 0.70 percent on Friday, triggered by profit-booking after hitting record highs earlier in the week and sharp falls in technology issues such as Samsung Electronics too dampened the sentiments in the region. While, Japanese markets remain shut on Friday and will reopen on Monday before closing again from Tuesday to Thursday.
On the global front, overnight, the Wall Street closed higher despite a dip in the first quarter GDP on the back of few good earnings reports.. Meanwhile, European shares drifted lower on Friday, snapping a six-session winning streak, with investors taking profits from eight-week highs on a day when volumes were low as the UK market was closed for a royal wedding holiday.
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